Sports Betting News, Reviews & More

New Jersey's sports betting market faced headwinds in October despite surpassing $10 billion in total wagers for the year. According to the New Jersey Division of Gaming Enforcement, betting volume reached $1.13 billion for the month, marking a 12.5% decline compared to October 2023. Revenue figures showed an even steeper drop, with online and retail sportsbooks reporting $77.5 million in earnings - a 16% decrease from the previous year and significantly lower than September's near-record $119.6 million.

If you want to open a sportsbookk, it will help to keep track of the betting trends throughout the year to plan your cash flow accordingly.

The decline in sportsbook revenue was largely attributed to successful NFL bettors, as favored teams posted strong performances mid-month. This success for bettors pushed the operator hold percentage down from September's 11% to just 6.8% in October. If you want to keep track of your own sportsbook's numbers, this pay per head sportsbook software can help you with that.

Breaking down the numbers, online betting accounted for $1.09 billion of total wagers with a 7% win rate for operators. Physical sportsbooks handled $43.8 million in bets with a modest 3.6% hold rate. While October marked 2024's sixth month with over $1 billion in wagers and showed a 4% increase from September's betting volume, operators struggled to convert this activity into profit. State tax revenue reflected this downturn, dropping to $10.1 million from September's $15.1 million.

Breakdown of Numbers Per Sport

Football betting, despite being in peak season, saw significant declines with $368.3 million in wagers - down 29% year-over-year and 9.2% from September. The sport's win rate was just 4.6%, though year-to-date football wagers have exceeded $1 billion.

Parlay betting revenue showed a dramatic decrease, falling from $85.4 million in September to $39.4 million in October, even with a 5% increase in betting volume.

Other sports showed mixed results: The NBA's season launch generated $110.7 million in bets but only $3.2 million in revenue due to a sub-3% hold rate. Baseball playoffs and World Series action brought in $104.3 million in wagers with $4.6 million in revenue. Various other sports accumulated $180.2 million in handle, producing $9.1 million in revenue.

If you want to earn from sports betting as a regular player, you can learn about these common sports betting mistakes.

Online Gaming Continues Record-Breaking Streak

Meanwhile, New Jersey's online casino sector maintained its upward trajectory in October, setting another revenue record. iGaming operators generated $213.6 million in revenue, surpassing September's previous record by more than $5 million.

The growth in the online casino segment remains impressive, with October's figures showing a robust 28.1% increase compared to the $166.8 million recorded in October of the previous year. The sector's strong performance is reflected in the year-to-date figures, with online casinos and their partners earning $1.95 billion in revenue - marking a significant 23.7% jump from 2023.

When considering the entire gaming industry in New Jersey - encompassing land-based casinos, online gaming, sports betting, and horse racing - total revenue reached $499.8 million. While this represents a modest 2.6% improvement year-over-year, it actually reflects a 15% decrease from September's performance.

Easily Manage a Sportsbook with SBPPH.com Here!